Understanding Economics

Written especially to be compatible with most introductory economics courses, this book encourages readers to apply basic economic principles to their own life experiences. It supplements basic economic training by providing a critical examination of the essential economic theorems and concepts, and the practical contexts in which they can be understood. Smith discusses caeteris paribus, the production possibilities frontier, supply and demand, competition, comparative advantage, wealth distribution, "the invisible hand", utility, elasticity, money and finance, the international economy, macroeconomics, and the future development of economics and economic systems. The book is organized so that it may either be used as a stand-alone text for the short course in economics or as a supplemental work to augment the main "Principles of Economics" texts used in the full course.

This accessible workbook has been developed to provide readers with a solid grounding in economic principles. It offers a critical examination of 40 economic theorems and concepts - such as wealth distribution, supply and demand and finance - and the contexts in which they should be understood.

This work addresses one of the most central and timely subjects in Public Administration - how to make sense of critical theory and especially how to assess its implications for everyday practice.

Harlan M. Smith